Hello traders,
I recently started an RIA and planned out three phases:
1- Offer wealth management (financial planning, portfolio management, etc.)
2- Establish a hedge fund.
3- Offer ECM/DCM services.
The first part is to help cover fees and to provide basic revenue and support for the second item. I have the RIA business up and running, am working with a few clients already and things look good. However, setting myself up for something bigger is my real challenge since I don't know the logistics of the other steps. I have my licenses (7, 66), worked briefly in M&A and then trading for a GWIM desk at a major BB, and have the core competencies of a financial professional.
But there's still a lot to learn and starting my own business from scratch is definitely a great teacher. I'd love to get input, advice, feedback, and guidance from those of you with professional experience either starting your own firm, or in senior/managing positions in other firms. I'm sure there's some tidbit that anyone can offer that can help me in some way.
Some basic questions I have are this:
1- What's the best way to aggregate all client account/portfolios/positions? I have a Bloomberg terminal, and know that there's an integration tool on PORT, would that do it?
2- What are the steps I should take to start putting together my application for b/d?
3- What are some good software tools to use for wealth management/RIA/client reporting/account management/etc.?
4- What should I spend money on? I am funding the business with my bonus checks, and while I've kept opex pretty lean (besides the BBG), I know that I need to spend to grow. But on what?
5- Any other bits of info you could pass on to me would be greatly appreciated!
I recently started an RIA and planned out three phases:
1- Offer wealth management (financial planning, portfolio management, etc.)
2- Establish a hedge fund.
3- Offer ECM/DCM services.
The first part is to help cover fees and to provide basic revenue and support for the second item. I have the RIA business up and running, am working with a few clients already and things look good. However, setting myself up for something bigger is my real challenge since I don't know the logistics of the other steps. I have my licenses (7, 66), worked briefly in M&A and then trading for a GWIM desk at a major BB, and have the core competencies of a financial professional.
But there's still a lot to learn and starting my own business from scratch is definitely a great teacher. I'd love to get input, advice, feedback, and guidance from those of you with professional experience either starting your own firm, or in senior/managing positions in other firms. I'm sure there's some tidbit that anyone can offer that can help me in some way.
Some basic questions I have are this:
1- What's the best way to aggregate all client account/portfolios/positions? I have a Bloomberg terminal, and know that there's an integration tool on PORT, would that do it?
2- What are the steps I should take to start putting together my application for b/d?
3- What are some good software tools to use for wealth management/RIA/client reporting/account management/etc.?
4- What should I spend money on? I am funding the business with my bonus checks, and while I've kept opex pretty lean (besides the BBG), I know that I need to spend to grow. But on what?
5- Any other bits of info you could pass on to me would be greatly appreciated!
